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talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here becaus
of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
'll take a look at gilts. slightly lower, 1.77%. big day for uk. manufacturing pmis out for the month of november. italian and ten year sbpanish yields are also lower. down on the greek announcements, but substantially below 6%. ten year bunds 1.37%. those yields slightly higher. on the currency markets, we talked about this euro-dollar six week high. below that at the moment, but not by much. dollar-yen moving off the 7 1/2 month high at 82.17. aussie dollar weaker despite the good chinese data. dipping below 1.04 earlier on. we had retail sales data that was a little bit disappointing. sterling-dollar back above 1.60 as we wait for the pmis. the most searched terms apparently of 2012 were the u.s. election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let
to pakistan is reunited with her mother in the u.k. welcome to "bbc world news." also to come, no where to pray for moslems in athens. and a quite at hollywood that revolution, making big returns to the silver screen. >>> breaking news coming to us from singapore. in the past few minutes, it was just announced that the indian woman who was gang raped in delhi earlier this month that has caused national average has died. she was being treated at a hospital in singapore where she was on life-support. in india, her brutal attack triggered nationwide protests. the authorities struggling to contain the growing anger. we have received a statement from a doctor, the chief executive of the hospital where she was being looked after. "we are very sad to report the patient passed away peacefully at 4: 40 5:00 a.m. today singapore time. her family and officials from the high commission of india were at her side. we join her family in mourning her loss. the patient had remained in extremely critical condition since admission to hospital from the morning of december 27. despite all efforts by a team
.5 billion in penalties. regulators in the u.s., u.k. and sorts when charged ubs and manipulating a key interest rate known as libor. >> his was person -- pervasive manipulation of global benchmark interest rates by dozens of staff across three continents. and the heavy fine reflects the regulator's concerns. the ubs chief executives said those of all but the extent of the fraud and bribes maybe revealed by further criminal investigations. in just one instance revealed by the u.k. financial services authority, ubs made corrupt payments of around $24,000 a quarter for 18 months to brokers to thank them for helping them manipulate the global industry. libor is used to price more than $350 trillion of contracts around the world. potential losers include pension funds, insurance companies, and individuals. more than a dozen banks have been caught up in an international inquiry and there are more cases to come. >> i would imagine there are probably more skeletons in the covered, and that really think that some point policy makers and regulators need to start focusing on the fact that we will
and to pakistan three years ago has been reunited with her mother in the u.k. in the past couple of hours she arrived at manchester airport. she was taken from her home in greater manchester on her third birthday, found with the help of the pakistani authorities and is understood to be fit and well. the police officer who met her off the airplane has been talking to the bbc. >> she has been reignited at a hotel near manchester airport with her mother. -- she has been reunited at a hotel near manchester airport with her mother. it is a good news story, and this time of the year we are happy that this has come to fruition. >> were you there? >> >> yes, wheat discreetly to occur from the aircraft with a number of extended family. she has been reunited with her mom. clearly, she is 6 years old. she has been in pakistan the past three years, so she is disoriented. she is a bit quiet. she does not speak english at the moment, so will be a long time for her extended family to get to know each other again. but i am sure with the love of the family, it will go well. >> she was taken straight to her mo
, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa. we are indeed in a festive mood. let me echo a very merry christmas to the viewers out there. on the agenda in the united states, there's no economic earnings start to go speak of this christmas eve. the markets will be closing early with the nyse and nasdaq depending at 1:00 p.m. eastern, the cme at 1:15 and the nymex at 1:30. the cme will close up shop at 1:45 eastern. u.s. investors get the monthly case-shiller home price index on thursday wednesday. thursday, it's jobless claims, new home sales and consumer confidence. friday, we round out on the week with the chicago pmi pending home sales. interesting to see the level of volume that we had in u.s. markets on friday. it was 4.8 billion shares traded. the fourth lig
export performance, creating jobs in the manufacturing sector. but germany and the uk need europe to improve. >> it comes at an inkrd eblly high cost in terms of the number of people out of work. what has been done? how much have we destroyed so that the jobs outlook and growth prospect in this country? >> well, what growth prospect in the southern european countries? we're seeing definitive bifurcation of northern europe and southern europe. southern europe, we are creating an underclass of long-term, especially youth unemployed that is going to give us a problem when the economies eventually start to get into balance and start to pick up. we still have this issue, even though we have tens of millions of people out of work, we still can't find the right skills and the right time. >> you mentioned the uk. the unemployment picture never got that bad in britain. so what happens now? why did it outperform? >> the uk is so different from the rest of europe. we've got london, the financial services sector, that didn't actually, in terms of job numbers, get hit as hard as the rest of eu
about the contrast between the u.k. and the united states which i think is revealing, and some world's about -- words about challenges facing the world economy which is more important than those facing individual countries alone. the united kingdom was hit very badly by the financial crisis. total gdp fell by 6% between the peak at the beginning of 2008 and the trough in the second quarter of 2009. output still remains 3% below the peak level. and more than 15% below levels that output would have reached have the long run average growth rate merely continued. on top of that, the inflation rate has been a 2% target. and in the wake of the financial crisis, the budget deficit reached a level of 11% of gdp, a good part of that being structural. we have serious problems to contend with when trying to put in place an economic recovery program in 2009-2010. it was clear at that point that the u.k. needed a major rebalancing of our economy. the shift of spending away from consumption, private and public and toward the net exports whether exports or production to compete with imports. the st
in ubs have edged up in early trade after the bank announced a major settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. with more we'll look at the story with carolyn roth with us on set. i guess we're expecting a settlement, expecting something big. what have we learned today? >> well, first of all, i mean, the market reaction -- ubs up by 1%, can you believe that? what barclays was hit with $450 million fine, i mean, we saw a big hit in barclays' share price. this fine is three time the amount that barclays was fined. $1.5 billion or $1.4 billion swiss>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm b
't seen that in the u.k. where the unemployment really hasn't reason as a result of such a deep downturn. >> is that the key factor given that we have had unrest in the past in bad economic times? do you think this time it's the unemployment figures that have made the difference? >> it clearly made a big difference because it shared the burden where whole industries would be wiped out or close to wiped out like the coal and steel industries in the 1980's. there was a focus for decent, a focus for protest. now it's more widely spread. someone in their street has lost their job. maybe a small closure but nothing like the massive closures we witnessed in the early 1980's. if things don't get better very slowly does that start to put a strain on democracy? is that why we've seen a rice in some of these extremist parties in europe? >> you have to be careful associating them directly with recession. the french national front was as strong and appeared in austerity when jacques chirac the leader of the nacional he was second in the french election. so the socialists were out even though it was
very cautious trading. we have industrial production coming out of the uk. if worse than expected, may get a negative q4 for the uk. italian yields are higher. spanish 5.54, just nudging a little higher. bunds down 1.29d% after the downgrade by the bundesbank, as well. draghi says we discussed it and again a big town great in inflation forecast, as well. some saying maybe they still won't, but it does knock the euro-dollar, 1.29d 25 is where we stand. dollar-yen 82.37. we talked about the yen in relation to what was going on with the earthquake. aussie dollar below 1.05. sterling-dollar just slightly weaker. that's where we stand as far as the european markets are concerned. let's get a wrap of the final trading day in asia this week. >> asian markets wrapped up the week on a mixed note. shanghai composite gained 1.6% and it's up over 4% on the week. stocks related to citi growth continued to surge as the new urbanization plan is aiming to boost investment plan. agriculture stocks up today on support policies. hang seng dragged lower by utility stocks. picc staged a strong trading debu
to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting went into the late hours of the night. it sounds like the uk and sweden got their way. how significant is this agreement? >> the early hours of the morning. one may wonder whether that's good news for sweden and the uk that they opted out of the banking supervision or whether that's good news for them in that sense that they opted out and had their way. bottom line is, we have an agreement. that's the most important thing. otherwise, they threaten meetings going between the years leading up to christmas because everybody agrees that we might have a type of agreement before the year is out. the agreement that is on the table, ecb will be the banking supervisor. the straightforward ecb supervisory council will be flanked by two other committees, a mediation committee and a steering committee. the personnel of this
us is allen higgins, chief investment officer for the uk coutts. good morning. >> good morning. >> so we've had 12 years of exposure to gold. you're limiting it now. why? >> it's starting to lag, but more subtly from a portfolio construction perspective, it's lost its negative correlation. for example, quarter 2010, well, euro crisis won when we had equity markets down a lot then gold really surged forward, giving a negative correlation. and so for the portfolio manager at coutts, it has been at times a legal high gold exposure surging upwards in times of stress. for those days seem to have gone. trimming it. that is a fact that there's a real shortage of low risk investments of on german bunch negative. >> but you're saying it's trading like other risk assets at the moment. >> at times, it's correlated with em. so it's less attractive from a portfolio construction perspective as compared to what it was. >> it's fascinating because we've been talking about one theme for 2013 being is it a stock picker's market, are we seeing less differentiation, what you're saying would suggest that
the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a listen. >> the truth is we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate d
. it is quite an unprecedented move for the u.k. and other european states to some and israeli ambassadors to try to -- to summon israeli ambassadors to try to pressure them. it is always easier for them to maneuver around it. i think it will be interesting to see if crime and not -- prime minister erdogan yahoo! will be -- it will be interesting to see what prime minister netanyahu has to say in the coming days. >> what is israel planning to build on? >> this is a very significant area we are talking about. it is an area east of jerusalem, it collects -- the next a large settlement to jerusalem. it would cut off east jerusalem from the west bank. it would make it impossible to have a connection between east jerusalem and the west bank. this has been married controversial, -- the e1 area has been very controversial. there is a red line for the international community that has been crossed, which is why we are seeing those strong reactions. >> thank you for that. in that egypt top judges have agreed to -- >> egypt's top judges have agreed to oversee a referendum. this comes a day after they
. cairo, a high of 21. in the u.k., quite a bit of flooding as the system has pushed persons thursday. unfortunately, this is what it looks like on the ground. a lot of the areas here are flooded and the water levels are quite high. we have warnings in effect across the area. look at the forecast. as you can see, another system coming out of the atlantic so we will start with the lighter showers. by the target to tuesday, showers will increase. where the rest of europe, we're looking at an ice conditions. non-profite, pro-people. >> welcome back. the top stories are now the zeroth, wounded dr. 21 of his colleagues were found shot dead in a remote tribal region. the officers were kidnapped on thursday. hundreds of suny muslims -- sunni muslims protesting that they're getting targeted for arrest. they have been protesting for days. prayer is being held in india for a gang rape victim who died from her injuries. her body was cremated after being flown back from singapore. six men are being charged with her murder. let's get more now on the security situation in pakistan. they say it is u
on the royal phone prank in the u.k. radio station has taken the two d.j.s off the air who called the hospital where princess kate was being treated. they duped nurses to thinking they were the queen and prince charles. the nurse who put through their call, her name was saldana found dead of apparent suicide on friday. though they have not released the cause of death. today we are hearing from the first time from the two d.j.s, mel and michael on the death. >> it was never meant to go that far. it was meant to be a silly prank that so many people have done before. this wasn't meant to happen. gone over this a million times in my head that i want to reach out to them and give them a big hug and say sorry. i hope they're okay. it really do. >> what is important right now is that the family and we hope they are doing okay and get the love and support that they deserve and need right now. personally, i'm -- >> dana: police in the u.k. contacted authorities in australia. could they face charges for this? kimberly, we talked in the break. we don't see what the charge could be. >> kimberly: it's too
over to the delta brand. this is all about increasing its exposure into the uk market, specifically the slots at heathrow. those remain the crown jewel in terms of the airline business going over to europe. if you have access to those slots, it's a much easier way to become profitable or increase your profits over in europe. by the way, there are 31 daily flights between the uk and north america. we'll find out exactly what happens in terms of frequent flier redemption possibilities between delta and virgin atlantic. remember, virgin atlantic is not part of any global alliance, not part of the sky team alliance, although many wonder if that's going to change with some time. take a look at shares of delta. richard anderson has had a nice little move here. some people would say, listen, this is all about jet fuel as it has moderated. there's something else at play here. we'll be talking with richard anderson about this at 11:40, first on cnbc. we'll talk to him after the press conference announcing this deal. you don't want to miss what he has to say. this is a ceo, and we've talked a
capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consumption target by 2015. the hang seng finished m eed marginally in the green. losses in the services sect
didn't think that was the way to solve the crisis. when you look at the so-called -- in the uk and now a new report by the european commission to, they propose something that smells like glass-steagall. with a difference. they say let's separate all those activities, use the same language about proprietary activity and trading and all the rest, and they say but let's keep it in same holding company. but we will separate the banking subsidiaries from the investment banking subsidiary, and will put all the trading, more than i would, in this subsidiary, or all these underwriting, although lending come all the prime growth, lending to hedge funds and property funds. let's see cluster them in a separate subsidiary and will have this other security that is for commercial banks. now when i see this i wonder why didn't they take the final step and say no, that's going to be a separate company. because it's very hard -- and say that they are not related and independent. they immediately run into problems. may run into problems. what transaction will exist between the investment bank and retail
irish fan, so hopefully not. >> is dolmen all over the uk? >> that's correct. they're predominantly in ireland, but you look at ireland right now, they're actually going through the reforms. they're trying to inject money in a credit fashion into their economy. and we certainly think we can bring our fixed income expertise and continue to help them. >> that would make sense for cantor. ireland was the mf-will first they were in trouble, then the model for the world. what got them into trouble again, housing or real estate or something or bad banks or -- and now again they're kind of a model for everyone on how to handle it. is that basically the last five years? >> absolutely. certainly was a real estate bubble there. now there are austerity measures being put in place and they're actually following through on the austerity measures. so certainly they'll come out first and actually look pretty good. >> so where is the most business for you for cantor in ireland, what will you be doing? >> certainly it's an equity based firm. we'll bring our fixed income expertise, probably become th
. as you can see there, the uk gilt is telling offer a little bit. yield riding to 1.78%. whether it's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the
they are charging you to print out a boarding pass at the airport. ryan air in the u.k. charges $60 to print out a boarding pass at the airport. what we are going to see is more airlines enforcing do it yourself procedures. for example, printing your boarding pass yourself at the airport you lug in your destination, you get the boarding pass, put it on director bag and bring it to the conveyor belt and you will see do it yourself at the jet way and you will scan your boarding pass to get on to the plane and what we will see is --. >>neil: what is next, the the passengers will fly the plane? >> you will pay to talk to an agent. that is where it is going. you pay to talk to an agent on phone to make a reservation. they will charge you to deal with that. the airlines are finally making money, but, they have been behind the eight ball for so many years and they are not playing on the same playing field that autos or banking. for example. delta, we just read, wants for buy 49 percent of virgin atlantic. why not buy 100 percent? >>neil: it is a mess. we are getting a response from the white house on t
of chemical weapons. the british foreign ministry is now confirming that the uk and the u.s. both have evidence suggesting that president al-assad in syria is using his government supplies including mixing chemical compounds and loading them on to bombs. syria is believed to have muss tared -- mustard gas and sarin. president obama said any attempt by syria to use chemical weapons against its own people will be met with consequence. >> and new developments in north korea as a planned rocket launch. the test fire was scheduled sometime on monday, but north korea's state media says scientists are seriously considering adjusting the time frame. meanwhile the u.s. is deploying warships to the region to monitor the situation there. north korea maintains it is just trying to put a satellite into orbit, but the u.s. says it is a cover for testing ballistic missal technology. >>> one week after a murder-suicide involving the kansas city chiefs player more sad news rocking the nfl. dallas cowboys ease nose tackle josh brent under arrest after a car crash that killed his teammate jerry brown. br
around the u.k. so i could see how she interacted with people. in addition to interviewing people there were lots of other ways that i developed my sense of who she is and how she goes about her job. >> was she aware that you are writing this book? >> she was, yes. she was aware. i initially approached the palace when i got the assignment from random house and wrote a very polite letter and got a very polite letter back saying we appreciate your interest and a lot of people are interested in writing about the queen. we have a hard time choosing somebody but fortunately i had a group of people who helped enormously with the diana book. some of them had worked for her. some of them were her relatives and they became my advocates. and went to her senior officials at buckingham palace and said yes she's an american, but she has a body of work that shows that she writes fair and balanced books and it would be a serious book. it would be a theory -- thorough book. after six months they briefed the senior press people and she gave them permission to give me their cooperation which was ve
over next send. that cnooc would be allowed to do it. it needs u.s. and u.k. government approval as well. because they have nexen has significant assets in both nations. they also at the same time, canada approving a $5.25 billion deal proposed by malaysia petroleum in bid for progress energy. canada selling off assets to two state-owned entities. cnooc deal liable to get a little bit of attention here as well i'm sure, melissa. melissa: very much so. robert, thanks so much. >>> moving on we picked up on an interesting idea to solve the debt crisis. here it is. have the government mint two platinum coins and assign them a value of trillion dollars each. deposit the coins directly into the federal reserve, boom like magic we're $2 trillion away from hitting debt ceiling. under the current law this is perfectly legal. our "money" power panel is back to discuss economist peter morici. jonathan hoenig from capitalist pig.com and ian shepherd son from pantheon macro advisors. guys, what do you think? this is serious idea out there being float the around. we have the peterson institute
to the source. fast. [ male announcer ] stop the uh-oh fast with kaopectate. >>> the southwest uk is getting hammered with rain causing some travel nightmares. it has to rain a lot in the uk to make any kind of difference. they're used to it. there is floodwater everywhere in devon, england. the drenching rain is causing massive travel problems. with roads and rail lines as well washed over. that's affecting the commute for people. britain's lined up sandbags on the weekend and now officials are warning people about even trying to get out on the roads. parts of wales and scotland are also getting flooded. >>> people in chile and argentina are watching a volcano that straddled the border between the two countries. the volcano has been spewing smoke into the sky. ash has been raining down on surrounding towns. you can see it there. almost looks like snow. it is ash. i'm joined now in the phone by larry masten. so far, chile is on red alert, but no one has been ordered to leave. why is that, larry? >> well, i can tell you based on what i've seen in the reports from the chilean agency, there was
the key here. 31 daily nonstop flights. that's all part of what goes between the uk and north america for virgin atlantic. the brand remains, guys. make that clear here. the virgin atlantic brand does not go away. what changes is that delta has a 49% stake in the company. there's going to be a press conference later this morning here in new york. we're going to be talking with delta ceo richard anderson, and "squawk on the street" a little later on this morning. but this is a big deal in terms of what's happening with the airlines, and that international consolidation that we've all been expecting. guys, back to you. >> before you go, real quick. how much is this going to really impact delta, singapore air, which had this stake, was unhappy ultimately, because they didn't have the control that they really needed. or thought that they needed. >> i think richard anderson believes he will have the control. also singapore airlines, many believe that it did not utilize the access to heathrow as effectively as delta will be able to in terms of flights between north america, and heathrow. so
is set to open below 13,000. markets in europe mixed after a shortened session in the uk, france and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if thi
and will probably happen in europe. the u.k. specialized in being the home of trading. they certainly don't want that to be taxed. so yes, there are people in congress. i think wall street is now the number-one contributor to political campaigns, or at least it is in the running for number one. i have been to washington many times and am involved with several groups that are trying to reform the business sector. it is very difficult because of the sheer amount of money that the finance sector is pouring into lobbying and campaign contributions. >> let's give a round of applause for lynn. [applause] we have the opportunity for you to purchase and have the book signed. we thank you all for being here. if you have further questions, she will be here signing books, so come and talk to her. >> in the fall of 1774, the british admiral and generals and diplomats were reporting to the crown that the colonists for sending ships everywhere to try to get ammunition and muskets and cannons. this was after the british sent more troops to boston after the boston tea party and so-called subversive acts. it is
. as i said, there's been a coordinated crackdown around the world of anti-bribery law in the u.k. and a big run in russia. corruption is everywhere. >> why isn't the united states further up the ranking? >> part of the problem and united states is always ranked around this area below top 10%. what they say is a lot of it has to do with just corruption not being enough of a priority. they say that the financial crisis changed some of that and people are starting to pay attention and citing a poll that 80% of americans believe that the financial crisis was the result of some public corruption. so it's more in the consciousness there and that affects the perception. it still has a long way to go. >> fascinating. thanks very much. >>> still ahead this morning, we've seen a wide range of companies unloading special dividends this quarter. have the nonissuing companies now made the wrong move. we'll take a deeper dive into that and talk about names that have yet to declare one and what it means for them ahead of the fiscal cliff. try running four.ning a restaurant is hard, fortunately
and it has worked extremely well and australia and the uk. the political aspect would be huge. >> low-income students are risk averse. they do not have secret bank accounts where they can address the situation. and if they fail, the burdens of being on them. they are less likely to pursue a college education if it means earning more than their parents do in a year. we expect pell grant recipients to graduate with more debt than middle and upper income students. they are anywhere from 150% more likely to graduate. we are burdening those the least capable of the most that. the problem is that they are going to impact access. >> the point before you go on, a lot of that is about communicating to families what this means. it is far from perfect, but they are borrowing well beyond their families capability, baking on the fact that they will be able to. i don't disagree that there isn't a perfect model, but i think it has huge potential. >> i want to move on to questions from the audience because i want to get in as many as possible. i think what is interesting, so far, there seems to be a
and australia and the uk. the political aspect would be huge. >> low-income students are risk averse. they do not have secret bank accounts where they can address the situation. and if they fail, the burdens of being on them. they are less likely to pursue a college education if it means earning more than their parents do in a year. we expect pell grant recipients to graduate with more debt than middle and upper income students. they are anywhere from 150% more likely to graduate. we are burdening those the least capable of the most that. the problem is that they are going to impact access. >> the point before you go on, a lot of that is about communicating to families what this means. it is far from perfect, but they are borrowing well beyond their families capability, baking on the fact that they will be able to. i don't disagree that there isn't a perfect model, but i think it has huge potential. >> i want to move on to questions from the audience because i want to get in as many as possible. i think what is interesting, so far, there seems to be a lot of changes that would take political
europe and people in the u.k. and throughout the world. my hope is we are going to get the deal done. >> we have three weeks or so to play with at least this year some say. is that feasible knowing what you know? >> i think what you have to realize is there has to be a down payment. president outlined what he wants for that down payment on revenue side. let's have rates go back up which was the underlying assumption that was included in the whole simpson-bowles plan. the gang of six plan embraced that as well. brought the rates back up to 39%. you could still do tax reform after that to bring them back down and eliminate the tax expenditures. that's a good starting point. will we fully get through tax reform and entitlement reform by the end of the year? obviously not. what i fear is let's not continue to negotiate this into the 11th hour. every day that we go on during this period, during retail season, you hold back consumers which we know consumer confidence is two-thirds of the economy. folks are not buying stuff because they don't know what will happen come the beginning of the
encrusted ipad 2? that's right. two generations old. from the uk's stewart hughes. just $8 million. still too practical? check out this diamond encrusted blackberry bold for $1.2 million. to be fair i'm not sure they're selling that one anymore, carl. >> the 10 is still coming. maybe you can modify it for the 10. that is fabulous. take me back to the television. i assume it's only as good as the input you give it, right? if you play a standard dvd it is going to look like a standard dvd? >> that's right. it'll upscale blue ray and sony gives you a server with 10 4-k movies preloaded. it loans that out to people who buy the tv. >> all right. now the robot. did i hear you right? your face appears on the forehead? >> yeah. it's a little kind of a cross between fun and creepy. you can talk to the robot. see the person's face. >> definitely on the creepy. >> it's kind of fun to try to steer it around and, you know, i got to steer it myself when i visited the
. and pervasive, they call it manipulation of libor by dozens of staff. the penalty was agreed to with u.s., u.k., and swiss regulators. it is more than three times the $450 million fine that was levied on barclays in june. the second largest fine ever on a paid -- paid by a bank. it only was topped by the $1.9 billion penalty that hsbc agreed to last week to settle that money laundering probe. >> crazy thing that stock's up. it's leading the exchange there today because people had been expecting maybe a slightly higher fine even than that. three times the amount. it was supposedly taking place for five to seven years, 30 to 40 traders have left. pretty pervasive. >> i wonder how much they -- they make money or lose money after -- >> after all was said and done. $1.5 billion. >> probably lost. they did well. the libor stuff, if you can set rates -- >> well, and the crazy thing, it affects so many different instruments and so many people and so many businesses. >> right. >> i don't know that you could ever actually figure out all the implications from it. >> right. from everyone. and in a related
look particularly appealing here, due in part to signs of resilience in u.k. gdp growth. so we've had the european close. meantime, bob joins me here at post nine with a look at not just europe but what we're doing here state side. >> sort of moving sideways and consolidating. a little news on night capital. just got off the phone with tommy joyce, who is now the executive chairman. take a look at night here. remember the deal. they've sold. they sold to geico here. a rather complicated deal. a two-to-one cash to ratio stock. again, i did talk to tommy. he said he'll be working there on a daily basis. none of these absent chairman things. he's going to be a hands-on guy. certainly a relief to everyone. everyone wants tommy joyce involved in their business. dan coleman will be spending half his time in chicago and half his time in jersey city. very interesting dynamic going on here. sort of a working partnership between the two of them. tommy insisted to me this is a complementary merger. that is true. given it's $720 million or so, how are you going to pay for it? are they going to se
the british ambassador's convoy, prompting the uk to close its mission. senators questioned how much more the state department needed to see before officials realized they didn't have enough security. >> we've got to close this facility because we can't protect american personnel in benghazi. >> reporter: the report also condemned communication failures. like the fact the head of the military's africa command didn't even know about the 2 dozen cia personnel stationed nearby. senators argued if the pentagon had the resources to respond faster, perhaps the military could have helped fight off the second attack on the cia annex. which cape hours after the first. >> we should have sufficient personnel, ships, weapons and other assets available, to be able to respond in the course of several hours. >> reporter: the report essentially orders intelligence agencies to look beyond terrorist organizations when assessing threats. it recommends intel officials, quote, broaden and deep be their focus in libya and beyond on nascent extremist groups in the region. and perhaps the most damning indictment
, even though the u.k. is kicking and screaming because they specialize in being the home of trading, whether trading in stocks or derivatives or anything else. they simply do not want that to be taxed. there are people in congress. i think wall street is now the number-one contributor to political campaigns. at least, it is in the running for number-one. i have been to washington many times and i'm involved with several groups that are trying to reform the business sector so that it can work, so that it can survive. it is very difficult because of the sheer amount of money that the finance sector in particular is pouring into lobbying and campaign contributions. it is very difficult. >> let's give a round of applause for lin. -- lynn. [applause] there is an opportunity for you to purchase and have the but signed. if you have court-further questions, she will be here signing books. thank you all and have a safe trip home. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> all this month we have been talking with retirin
and repayment would be income base of. their problems with the model that needs to be worked out. in the u.k. needs to unveil this model. students or a concerned about the potential outcome. as the thought through and worked to it. it is an equitable model. the problem with doing anything up front as we did not know what they're earning potential will be until they are actually earning. any model we put up in place, there will be adjustments made. i really think making it all loan based and having loans repaid the base daunting come and the set of rules that would keep people from gaming the system based on their incomes as a better model than trying to plug the holes to increase pell or not. it addresses the up front issues with students who are really the first time it will to assess whether the are prepared to do college level work. this secure the loan debt. if we base on their income, if that is done influence their income, there are off the hook. the model and the funding has to work. i am not an economist. of a buffet and the out with you now. in terms of ideas that i see as games cha
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